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• <br />• <br />• <br />during the current construction season. In the event that the <br />contractor(s) are unable to complete the Work referenced in <br />Paragraph 1(d) and (e) in 2010, all Work must be completed by July <br />1, 2011. If said Work carries over into 2011, the City reserves the <br />right to increase its escrow reserves for administrative costs. <br />d. Invoices from the Work shall be forwarded by the Bank to the City <br />for direct payment by the City to the contractors, as long as funds are <br />available in the escrow account, subject to the terms of this <br />Amendment. Payment by the City does not in any way constitute <br />approval of the Work. City inspections and approval shall be as <br />provided in the Development Contract. <br />6. Notwithstanding Paragraph V.B. of the Development Contract, no party <br />hereto shall be required to deposit additional money into the existing <br />escrow account in the event that the existing escrow funds are insufficient <br />to cover City costs and the costs of the Work. In such event, the Bank shall <br />be solely responsible for covering the excess costs of the Work, with <br />payments of those excess costs to be made directly to the contractor(s) <br />performing the Work. In the event that surplus funds remain in the escrow <br />account when the escrow is closed, either in whole or in part, said surplus <br />funds shall accrue to the Bank for reimbursement of out -of- pocket costs for <br />undertaking the Work. <br />7. The parties acknowledge and agree that this Amendment is not an <br />assignment of the Development Contract by the Developer to the Bank. <br />The Developer remains solely liable for all contractual obligations under <br />the Development Contract, including liability arising out of the work it <br />performed and warranties related thereto, if any still apply. The Bank is <br />undertaking the Work solely to improve the marketability of the property it <br />obtained from Developer through foreclosure, and is not assuming any <br />obligations or liabilities except to perform the Work as set forth in this <br />Amendment. <br />8. The undersigned warrant that they have the requisite authority to execute <br />this Amendment and bind the entity on whose behalf they sign. <br />3 <br />